Materials

International Paper Co (IP) options and signal

Figures as of 28 Sep 2026

IP is International Paper Co, a Materials name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	96 of 100	28 Sep
At the money IV	45.4%	28 Sep
Priced move to 30 Oct	14.5% down, 15.2% up	28 Sep
Call wall and put wall	40 and 32.5	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	34.00	28 Sep
Next report	28 Oct 2026	28 Sep

Options Snapshot

IP's IV rank is 96 of 100 on 28 Sep 2026.

Figure	Value
IV rank	96 of 100
At the money IV	45.4%, near month, 32 days
Put/call ratio, open interest	1.11
Call open interest, strikes captured near the price	18,900 contracts
Put open interest, strikes captured near the price	21,000 contracts
Cost to trade at the money	Fair, 22.4% of the option's mid price

IV rank is where the at the money IV sits among IP's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, IP options priced a move of 14.5 percent down and 15.2 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	5.0%	5.2%	32.30 to 35.77
9 Oct 2026	11	7.7%	8.2%	31.37 to 36.78
23 Oct 2026	25	10.7%	12.5%	30.37 to 38.24
30 Oct 2026	32	14.5%	15.2%	29.06 to 39.17
18 Dec 2026	81	19.8%	20.4%	27.28 to 40.94
15 Jan 2027	109	22.9%	23.0%	26.22 to 41.82
16 Apr 2027	200	30.9%	31.2%	23.50 to 44.60

The range is one standard deviation either side of the close of 34.00, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, IP's call wall is the 40 strike and its put wall is the 32.5 strike.

Figure	Value
Call wall, most open call gamma	40
Put wall, most open put gamma	32.5
Flip strike, where net gamma changes sign	35.76
Net dollar gamma, calls minus puts	minus $415,789
Total dollar gamma, both sides	$2.27 million
Close	34.00

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, IP's at the money IV is 45.4 percent against 20 day realized volatility of 37.0 percent.

Figure	Value
At the money IV	45.4%
Realized volatility, 20 trading days	37.0%
Realized volatility, 60 trading days	42.7%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	864, from 8 Jan 2010
Weeks the price moved more than the one week priced move	29.9% of 251 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, IP's at the money IV runs from 45.6 percent at 4 days to 41.7 percent at 200 days.

Days to expiry	At the money IV
4	45.6%
11	42.7%
18	40.4%
25	37.3%
53	45.6%
81	43.0%
109	41.6%
200	41.7%

Near expiries price more volatility than far ones, an inverted term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, IP's IV ten percent below the price sits 6.1 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	51.5%	+6.1 points
At the money	45.4%	0.0 points
10% above the price	56.6%	+11.2 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, IP's surface spans 10 expiries out to 200 days, with IV from 37.3 to 62.1 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	38
Lowest IV among them	37.3%
Highest IV among them	62.1%

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, IP has 10 captured expiries, from 2 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	45.6%	950	351
9 Oct 2026	11	42.7%	349	389
16 Oct 2026	18	40.4%	2,767	3,859
23 Oct 2026	25	37.3%	481	116
30 Oct 2026	32	45.4%	64	61
20 Nov 2026	53	45.6%	2,521	1,072
18 Dec 2026	81	43.0%	2,643	2,262
15 Jan 2027	109	41.6%	7,194	10,448
19 Mar 2027	172	44.1%	1,790	1,895
16 Apr 2027	200	41.7%	169	575

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, IP's largest open interest sits at the 32.5 strike, with 7,337 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
32.5	841	6,496	7,337
35	1,425	3,555	4,980
37.5	2,291	2,393	4,684
40	3,330	1,257	4,587
50	3,112	0	3,112
30	475	2,026	2,501

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, IP's at the money IV moved from 40.7 percent to 45.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	40.7%	45.4%	+4.7 points
Open interest, strikes captured near the price	39,199	39,956	+757
Put/call ratio, open interest	1.16	1.11	-0.05

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 2,781 IP option contracts traded, 0.7 times its own recent average.

Figure	Value
Calls traded	1,360
Puts traded	1,421
Against its recent average	0.7 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	47,732 contracts
Volume to open interest	0.06
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of IP's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	41.80	$1.15 million	42.5	35
21 Sep 2026	35.33	minus $465,310	40	35
28 Sep 2026	34.00	minus $415,789	40	32.5

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of IP was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	36.28, the swing high of 23 Sep 2026
Level below the close	33.82, the swing low of 10 Sep 2026
Strategy family	Iron condor (sell both sides, defined risk)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 IP sat at the 59th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	48 of 100	Neutral
20 trading days	47 of 100	Neutral
45 trading days	59 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026 IP's near timeframes were neutral and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 IP had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	59 of 100
24 Sep 2026	None	77 of 100
23 Sep 2026	None	76 of 100
22 Sep 2026	None	81 of 100
21 Sep 2026	None	64 of 100
18 Sep 2026	None	74 of 100
17 Sep 2026	None	41 of 100
16 Sep 2026	None	75 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 35 of 62 Materials names were bullish and 11 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Materials	62	35	11	16

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

IP closed at 34.00 on 28 Sep 2026.

Figure	Value
Last close	34.00
Change over 5 trading days	-3.8%
Change over 21 trading days	-14.7%
Change over 63 trading days	-11.1%
Change over 252 trading days	-25.0%
52 week high	50.25
52 week low	29.26
20 day moving average	35.36
50 day moving average	38.62
200 day moving average	38.14
RSI, 14 days	36

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

IP reports next on 28 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	28 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 30 Jul 2026	+1.2%
Move after the report of 30 Apr 2026	+4.4%
Move after the report of 28 Jan 2026	-6.0%
Move after the report of 30 Apr 2025	-4.1%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 48.2 percent of IP's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	48.2%
Five day average	51.8%
52 week median	56.7%

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 23 Septembers on record, IP's average change was minus 2.1 percent, and it rose in 39.1 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-2.1%	-1.5%	39.1%	23
October	+0.1%	+0.4%	52.2%	23
November	+2.1%	+3.7%	65.2%	23

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 1 headline naming IP in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is IP's IV rank?: IP's IV rank is 96 of 100 on 28 Sep 2026.
What move are IP options pricing?: On 28 Sep 2026, IP options priced a move of 14.5 percent down and 15.2 percent up by 30 Oct 2026.
Where are IP's call wall and put wall?: On 28 Sep 2026, IP's call wall is the 40 strike and its put wall is the 32.5 strike.
What was the desk's latest view of IP on the Free plan?: On 25 Sep 2026 the desk's view of IP was neutral, paper trading.
When does IP report earnings next?: IP reports next on 28 Oct 2026, a date confirmed by the company.

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